Needham Bank Completes Financing to Glorious Cannabis Company

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Sep 08, 2022, 09:59 ET

NEEDHAM, Mass., Sept. 8, 2022 /PRNewswire/ -- Needham Bank, the leading financial institution in Massachusetts for marijuana banking, is pleased to announce it has closed a cannabis business loan to Glorious Cannabis Company, one of the largest and most profitable cannabis operations in Michigan. Though headquartered in Rochester Hills, Michigan, Glorious Cannabis has recently joined the Massachusetts cannabis market to manufacture their specialty products. Glorious Cannabis will use the financing to complete the construction of their cannabis establishment in Uxbridge, Massachusetts.

"With this business loan, Needham Bank is helping Glorious Cannabis Company expand their brand into the Massachusetts market," said Michelle Haughton, VP Structured Finance. "It's been a pleasure working with Sam Lteif, CEO and David Prill, CFO to provide the financing, and I look forward to seeing Glorious thrive here."

Glorious Cannabis Company's establishment will include a cultivation facility and a processing facility. The 30,000-square-foot cultivation facility includes 12,000-square-feet of Canopy and the 9,000-square-foot processing facility will be for product manufacturing of their award-winning infused pre-rolls, cartridges, rosin and edibles.

"Working with Michelle and the Needham Bank team has been seamless and our growth wouldn't be possible without their help," stated Sam Lteif, Chief Executive Officer of Glorious. "Massachusetts is an exciting, up-and-coming market, and we can't wait to bring Michigan's best to a new state."

Haughton was hired at Needham Bank to assist with the growth of the Commercial & Industrial Structured Finance segment. This includes handling cannabis-related business loans greater than $10 million in commitment size and advising borrowers on financing and cash management services. She has over 20 years of commercial lending experience, and most recently, was Vice President, Relationship Manager at Eastern Bank, where she developed lending relationships with creditworthy commercial clients and prospects.

Through the new specialized banking division, Needham Bank offers full-service banking for cannabis businesses, including loans, deposit accounts and cash management services. Needham Bank is the only bank in Massachusetts to receive formal approval from the Federal Reserve Board to provide banking services to marijuana-related businesses.

About Glorious Cannabis Company:

Glorious focuses on the art and science of cultivating premium, old-school cannabis. Its line of pre-roll joints is hand-rolled and infused with premium ICEWATER bubble hash. Glorious' motto is "Cut Buds. Not Corners" and its cultivators listen to the plants, and use care and patience as opposed to rushing bud out the door. For additional information, please visit www.gloriouscanna.com.

About Needham Bank:

Needham Bank offers an array of tech-forward products and services that businesses and consumers use to manage their financial needs. We have the financial expertise typically found at much larger institutions and the local knowledge and commitment you can only find at a community bank. Known as the "Builder's Bank," Needham Bank has been helping individuals, businesses and non-profits build for their futures since 1892. For more information, please visit https://NeedhamBank.com. Needham Bank is a member of FDIC and DIF.

SOURCE Needham Bank